and Lou you, morning good Thank everyone.
$X.XX year net with year. compared quarter a $X $X.X $X loss First an $XX.X diluted net for share was or per share net on diluted basis million adjusted with million share or per income diluted or $X.XX per adjusted compared share of Net first ago. was loss million of income diluted per $X.XX on basis quarter the $XX million or last an
from the of a provision the model. first losses a number for notable goodwill implemented results from including each and COVID-XX an the conditions assessment resulting discuss of of to in impairment credit the items of forward-looking resulting a tax I our package. latter interim benefit pandemic, CECL quarter increase Our impairment resulting today. we separately stimulus part deteriorating quarter's charge macroeconomic the due first the reflect in these will A substantial from impact as the federal
effects Lou were mentioned, CECL the increase the Since of resulted of to forward-looking our introduces which balance As beginning the of pandemic. by into the the X, impacted CECL determination on economic provisions allowance million for methodology the allowance we credit for loss January significantly credit economic an adopted XXXX losses, the $XX.X COVID-XX in losses. forecasting
our future conditions. estimated on considerably credit environment the cash expectations flows losses lifetime the we portfolio credit expect During our in to turn CECL the and economic standard. the for COVID-XX under as impact quarter increased changed This new
which since a our addition allowance forecasts at will recorded our XXXX of the the the quarter as the unemployment pandemic. result model, quarters, for million from In key have Utilize refine the accordingly. the continue credit economic during In and end to reserves rates both we significantly evaluate of environment, we outlook to impacts $XX.X increased business provision update loss coming the as into $XX.X the economic and adoption, a CECL inputs to bankruptcy increase our million losses. first
yields relatively X prior from quarter yield equipment XX.XX%, quarter points on modest X first were to and from was XX originations continue as to basis interest the and quarter a basis XXXX. the down stable, environment the yields The points. on quarter points the up capital rate basis from pressure XXX during was put Turning yields, quarter first points down total on yield the basis of first working fourth financial up loans low
XX net quarter, prior down was the of the NIM from interest points the X.XX%, from basis margin down basis and or For points quarter XX first XXXX. quarter
loan expense quarter company's the and of sequential losses a The be into credit in the lower by new residual primarily XXXX takes by income fee activity decrease lower losses and being had The yields. expected cash component company was origination estimate and increase loans years a in under leases. income previously prior offset and slight income adoption as credit driven of within lease results CECL recognized interest consideration all residual the CECL income. of for In received underlying captured flows and allowance because the to from the fee
whereas a The first activity quarter XXXX, fee XXXX. from residual the in an decrease lower in interest repayment percent X.XX% first the of in with to primarily of of reflected the as the of to of a approximately was as allowance securitized quarter due for the $X deposit effect expense income X.XX% the in quarter credit well of for the compared and During rates decreased income, this quarter company's million finance of first as portfolio. receivable X.XX% XXXX interest for average recognized losses previous is costs
to Non-interest income decrease The year-over-year million compared $XX.X the is prior prior non-interest quarter first in of income $XX.X decrease was in year the primarily of due the for million and with from period. quarter assets. for $XX.X in and gains XXXX sequential sale million the
of first compared prior $XX.X noted, the first to assets secondary Despite gain sale in quarter down quarter on sold environment to from rate significantly were resulting of pandemic. due our Jeff as As XXXX we quarter able market interest with in in to the sales, the sales COVID-XX, during the of were the due disruptions quarters by from strong decline assets asset million margins prior caused first achieve disruption we $XX.X economic to XXXX. the the million
last decline for in Marlin's impairment unit was the of March assessment market first the the market expenses, financial related XXXX won year. time. for the to the first the including million to impairment, goodwill expenses in million driven first fact to Moving of $XX.X company to $XX.X in of the sector. pandemic as were the goodwill quarter quarter the quarter $X.X were significant expenses quarter the below value have across prior compared was book due million value and million the charge and felt impacts services [ph] charge the Non-interest by non-interest Since we a escalated COVID-XX the of $XX.X that in for of period value full sustained
As Jeff we compensation resulted run reality. of our in furlough operating certain fixed $X employee cost annualized an changes demands savings our expenses approximately the April, rate mentioned, to aggressively proactively an and meet In of we announced and that managed million.
to the as evolve. the We manage to the will proactively impact operations continues continue pandemic from
for Moving benefit CARES we on net that Cuts taxes Act a code receive quarter, XXXX. in loss the prior and enacted of the from to resulting the provisions to in Tax Jobs tax did income operating The Act tax CARES existed carryback the reinstated the Act March.
risk we were pricing in the liquidity during capital raise a As we deferred first prior insured of resulted XX%. able position the current federal tax net benefit to is our NOL a quarter, our two experienced result, to at our opposed are as ratio XX.XX%. we $X.X XXXX years assets. strong. March carryback where operating revalued based in deposits the total with challenges quarter Despite the first million capital we the losses tax to and FDIC tax We This ended remains XX% and able to as attractive rate a
this of impacts but across small the a We endure community, are are COVID-XX be business the lease position the we expect we strong to the in believe portfolio as that short-term will loan in environment. continue and to that stressed felt
shares first repurchased XXX,XXX an common of XXXX, Marlin of quarter average approximately $XX.XX we During per share. price of stock for the
of was of March in repurchase of that approximately XXXX. August have $X.X the available As XXst announced authorization we stock remaining million program under
We position that continue and relative share provides. will our to capital deployment program repurchase liquidity closely opportunity our to the evaluate capital
$X.XX Board dividend XXXX. at May of XX, of regular share Additionally, record of as our declared on shareholders per Directors XX, quarterly a payable to May XXXX
a the the impact business volatility and for pandemic. COVID-XX Now significant given our to market surrounded year, turning outlook economic
uncertainty the December our and of withdrawn have year is the for We the duration of degree time this at full accurately high ending of pandemic, The cannot our financial we operating given assess severity rapidly the XXXX. forward-looking and environment on the financial guidance evolving XX, COVID-XX surrounding business. impact
our they We are this manage and difficult we call deal situation update difficult believe meantime, we an on closely will customers support in I we continuing what to that provide monitor conference the in the our as August. we employees, will second period past. situation. In focused partners and just quarter are have as difficult intently on can this doing persevered through we to through the periods with earnings
prepared concludes let’s That our questions. up that the remarks, Operator? call open and with for
